DeCurret Unveils DCJPY Cryptocurrency Initiative

On October 12, the digital currency and electronic payments company DeCurret Holdings published a white paper on its cryptocurrency initiative, the “DCJPY.”

The company plans to release the coin in July 2024. The white paper indicates that the DCJPY Network will comprise the Financial Zone and the Business Zone.

The former will consist of banks minting deposits as digital currency on the blockchain, while the latter will be used for dueling.

Additionally, the Business Zone will offer space for the issuance of nonfungible, security, and governance tokens.

The primary issuer of the DCJPY will be Aozora Bank, a Japanese commercial institution with 19 domestic branches, and deposits in the Japanese yen will serve as its backing.

DeCurret reported in 2021 that 70 Japanese companies would form a consortium to participate in the DCJPY Network.

Although the white paper does not specifically identify the network’s participants, DeCurret has the support of 35 shareholding companies, including Japan Post Bank, Mitsubishi, and Dentsu Group.

On October 18, DeCurret will host a seminar on the white paper explaining the project’s main themes. The meeting will occur in Tokyo and will not be broadcast online.

The Bank of Japan disclosed the results of the second phase of its central bank digital currency experiment in May 2023. It will make a definitive determination regarding the issuance of a “digital yen” by 2026.

Binance and Mitsubishi UFJ Trust and Banking Corporation are investigating the issuance of stablecoins denominated in Japanese yen and other foreign currencies in Japan.